MID AMERICA APARTMENT COMMUNITIES INC. (MAA)

MAA is an S&P 500, multifamily-focused, self-administered and self-managed real estate investment trust. It owns, operates, acquires and selectively develops apartment communities, primarily in the Southeast, Southwest and Mid-Atlantic regions of the U.S. Its business is conducted principally through its Operating Partnership, in which MAA is the sole general partner, holding 116,878,077 OP Units, or a 97.5% interest, as of December 31, 2025. MAA and MAALP were formed in Tennessee in 1993. The stated objective is to generate sustainable, stable and increasing cash flow to fund dividends and distributions through all parts of the real estate investment cycle.

As of December 31, 2025, MAA had full or partial ownership of apartment communities, including those in development, across 16 states and the District of Columbia. Thirty-five communities include retail components. Its portfolio spans garden-style, mid-rise and high-rise product types at a range of rent price points and in urban, suburban and inner-loop submarkets. Growth comes from acquiring existing communities, developing communities through an internal development team, and pre-purchase transactions in which it partners with developers and owns the community after stabilization. In 2025 it acquired one 318-unit community in Kansas City and three land parcels, completed the 406-unit MAA Nixie in Raleigh/Durham, and disposed of two communities totaling 576 units. Eight developments totaling 2,522 units, with budgeted costs of $932.0 million, were under construction at year end, in markets including Tampa, Charlotte, Phoenix, Denver, Richmond and Charleston. It also runs redevelopment and repositioning programs: it renovated kitchens and bathrooms in 5,995 units in 2025, installed Smart Home technology in over 96,000 units, and continued WiFi retrofit and amenity repositioning programs.

MAA's customers are apartment residents. They can complete leasing applications, leases and renewals through a web-based resident portal around the clock, and take virtual, self-guided or traditional tours. The company seeks to diversify across markets, submarkets, product types and price points to reduce operating volatility across economic cycles.

Operationally, MAA relies on local property management with market-specific knowledge, supported by senior management and centralized asset management functions, reporting and technology platforms. Development is conducted through wholly owned entities or joint ventures with pre-purchase partners, typically under fixed-price construction contracts with unrelated parties. It sells communities that no longer fit its strategy and redeploys the proceeds. As of December 31, 2025, it employed 2,507 associates.